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Code · BILL · 114th Congress · S. 2089 (Placed on Calendar Senate) — To provide for investment in clean energy, to empower and protect consumers, to modernize energy infrastructure, to c... · Sec. 5064

Sec. 5064. Limitation on percentage depletion allowance for oil and gas wells

61 words·~1 min read·/bill/114/s/2089/pcs/section-5064

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Section 613A is amended by adding at the end the following new subsection: In the case of any taxable year in which the taxpayer is a major integrated oil company (within the meaning of section 167(h)(5)), the allowance for percentage depletion shall be zero. . The amendment made by this section shall apply to taxable years beginning after December 31, 2015.
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